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LTX-Credence Announces Fourth Quarter And Fiscal Year Results

Stocks in this article: LTXC

NORWOOD, Mass., Aug. 29, 2012 (GLOBE NEWSWIRE) -- LTX-Credence Corporation (Nasdaq:LTXC), a global provider of market focused, cost-optimized ATE solutions, today announced financial results for its fourth quarter and fiscal year ended July 31, 2012.

Sales for the 2012 fourth fiscal quarter were $43,462,000, up from the prior quarter sales of $30,837,000. Net income for the quarter was $1,356,000, or $0.03 per diluted share on a GAAP basis. Excluding the net favorable impact of special items totaling $403,000, and amortization of purchased intangible assets of $791,000, net income for the quarter was $1,744,000, or $0.04 per diluted share on a non-GAAP basis.

For the twelve-month period ended July 31, 2012, sales were $132,134,000. Net loss was $(19,869,000), or $(0.40) per share on a GAAP basis. Excluding the net favorable impact of special items totaling $145,000, and amortization of purchased intangible assets of $3,163,000, net loss for the year was $(16,851,000), or $(0.35) per share on a non-GAAP basis.

Dave Tacelli, chief executive officer and president, commented, "Our business recovered in the quarter with revenue growing over 40% compared to the prior quarter. We returned to profitability and generated approximately $5M of cash from operations. We made good progress in establishing the Diamondx as a strong alternative to competitive offerings in the microcontroller and application specific product areas and believe we are on track to achieve our market share goals for this innovative new product.

Our outlook for the first fiscal quarter is supported by strength in the mobility and automotive markets plus initial revenue contributions from the Diamondx. While macroeconomic conditions have caused some customers to hold off on capital purchases, others remain in a steady pace of capacity expansion. As we begin the new fiscal year, our product lineup, focus on key market segments and new business development opportunities should lead to year-over-year growth."

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